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WellCare closes $2.5B Meridian deal

WellCare Health Plans Inc. on Sept. 1 completed its $2.5 billion acquisition of Meridian Health Plan of Illinois Inc., Meridian Health Plan of Michigan Inc. and pharmacy benefits manager MeridianRx.

The transaction is expected to lead 40 cents to 50 cents of accretion to WellCare's adjusted EPS for 2019. The company expects adjusted EPS accretion of 70 cents to 80 cents in 2020 and more than $1 in 2021.

Also as part of the deal, WellCare Management Group Inc., acquired Caidan Management Co. LLC and Caidan Holding Co.

WellCare funded the deal's cash consideration, the payoff of certain acquired companies indebtedness and the payment of transaction-related expenses through a combination of cash on hand, $225 million from its credit agreement and proceeds from debt and common stock offerings.